Answer:
i am sorry i do not know because i am having trouble with the same problem
Explanation:
The household debt has Risen
Answer and Explanation:
The journal entry is shown below:
Cash Dr $25,000
To Note payable $5,000
To Selleck Cap $10,000
To Monroe Cap $10,000
(Being the both investments are recorded)
Here we debited the cash as it increased the assets by $25,000 and credited the notes payable, Selleck, and the Monroe capital as it increased the liabilities and the stock holder equity
Answer:
a. Orange Furniture must include <u>$1,000</u> in gross income as the recovery of a prior deduction cost.
Since the 2016 bad debt deduction resulted in a tax benefit, the $1,000 recovery will be considered income. Orange's cost for this transaction = (35% 2015 tax rate - 12% 2016 tax rate) x $1,000 recovery = 23% x $1,000 = $230
b. How much must Marvin include in his gross income for 2017? <u>$800</u>
Marvin's net benefit from itemizing his taxes was $800, so that amount must be included as gross income due to the state's refund. Marvin will actually suffer a lose due to this transaction since during 2016, he was in the 15% tax bracket, while during 2017 his tax bracket is 35%. He saved 15% x $800 = $120 for 2016, but will have to pay 35% x $800 = $280 during 2017.
c. What amount, if any, will Barb include in her 2017 gross income? <u>$3,000</u>
Since Barb was able to recover the medical expenses, she must include in her gross income the tax benefit that she received for itemizing her deductions.
Most trade is due to the comparative advantage of an organization's ability to produce a good or service with lower marginal cost and opportunity cost.
As an example, we can cite trade between Africa and the United States, where Africa markets agricultural products such as corn and citrus to the US, and the US markets technological products such as computers to Africa.
Therefore, companies will use comparative advantage to acquire goods and services at lower prices than other competitors.
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